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TrustCo Bank Corp NY (TRST-5.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, with TrustCo reporting a Tier 1 leverage ratio of 11.05% and a CET1 capital ratio of 19.30%. The company remains well-capitalized under regulatory standards.
TrustCo's primary subsidiary, Trustco Bank, operates 136 banking offices across New York, New Jersey, Vermont, Massachusetts, and Florida. The bank's operations are primarily focused on residential real estate loans, which represent 94.1% of its total loan portfolio.
The company faces strong competition in its market areas from both local and national financial institutions. TrustCo emphasizes its commitment to community-based banking and personalized customer service.
TrustCo's liquidity is supported by membership in the Federal Home Loan Bank of New York, providing access to funding through advances and other credit extensions.
The filing outlines various regulatory compliance measures, including adherence to the Community Reinvestment Act and Bank Secrecy Act/Anti-Money Laundering requirements.
TrustCo's cybersecurity measures are detailed in the report, highlighting the company's efforts to protect against data breaches and cyber-attacks through a comprehensive information security program.
The company continues to explore opportunities for growth, including potential mergers and acquisitions, while maintaining a focus on organic expansion and capital management strategies.
TrustCo's executive compensation and governance practices are outlined, with a focus on aligning management incentives with shareholder interests.
The filing also addresses potential risks, including interest rate fluctuations, economic downturns, and regulatory changes that could impact TrustCo's financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TrustCo Bank Corp NY annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.